KBSR Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-57.53	-78.76	-10.85	-157.53	-62.46	143.66
Depreciation & Amortization	89.22	93.52	108	110.56	90.15	83.27
Other Amortization	14.74	14.53	12.28	8.15	27.1	28.94
Gain (Loss) on Sale of Assets	-100.16	-77.4	-53.06	-	-	-114.32
Gain (Loss) on Sale of Investments	-5.22	-6.17	11.2	35.61	92.81	-16.77
Asset Writedown	76.11	65.48	6.85	45.46	-	-
Income (Loss) on Equity Investments	-	-	-	-	-	11.16
Change in Accounts Receivable	-0.93	-0.32	-7.32	-3.15	3.04	-5.01
Change in Accounts Payable	-4.83	-15.09	3.34	-1.32	-2.6	4.14
Change in Other Net Operating Assets	4.07	-5.92	-11.06	4.18	-7.46	-11.69
Other Operating Activities	0.84	4.05	-51.72	-0.32	-64.63	-22.59
Operating Cash Flow	16.32	-6.08	7.65	41.63	75.97	100.8
Operating Cash Flow Growth	26645.90%	-	-81.62%	-45.19%	-24.64%	-0.92%
Acquisition of Real Estate Assets	-25.63	-24.76	-34.47	-81.22	-121.57	-70.13
Sale of Real Estate Assets	268.52	220.1	192.37	-	-	237.68
Net Sale / Acq. of Real Estate Assets	242.89	195.34	157.9	-81.22	-121.57	167.55
Investment in Marketable & Equity Securities	-	-	-	-	-	58.94
Other Investing Activities	-	-	-	-0.03	-	-
Investing Cash Flow	242.89	195.34	157.9	-81.24	-121.57	226.49
Long-Term Debt Issued	-	31.05	35.91	77.17	282.12	806.09
Long-Term Debt Repaid	-	-188.72	-198.46	-9.95	-83.01	-730.55
Net Debt Issued (Repaid)	-222.71	-157.67	-162.55	67.22	199.11	75.55
Repurchase of Common Stock	-	-	-	-12.14	-89.18	-365.59
Common Dividends Paid	-	-	-	-25.32	-56.21	-61.7
Other Financing Activities	-7.48	-10.96	-12.35	6.94	-0.71	-6.92
Net Cash Flow	29.01	20.64	-9.35	-2.92	7.4	-31.38
Cash Interest Paid	90.22	98.92	92.52	93.66	55.25	45.59
Levered Free Cash Flow	45.76	149.56	52.97	-90.27	92.14	237.23
Unlevered Free Cash Flow	101.63	208.59	122.56	-19.22	125.86	254.85
Change in Working Capital	-1.69	-21.33	-15.04	-0.29	-7.01	-12.56

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.